Traditional financial literacy interventions are frequently ineffective at improving financial outcomes. We test an alternative approach using a field experiment with over 400,000 student loan borrowers in which treatment group members received communications about the availability of their FICO...

In this paper, we provide a framework for conceptualizing and identifying differences between anchors and targets (i.e., non-status quo reference points). While these two types of values are often treated interchangeably by academic audiences, they recruit meaningfully different psychological...

Consumers can prefer a price disclosure format that can cost them. Across a variety of products, we find that many consumers prefer partitioned price disclosures (i.e., separating charges into multiple line items without totals) to consolidated disclosures (i.e., those displaying the total price...

This chapter reviews recent advances in the literature on mental accounting - the process by which people group expenses into categories, assign funds to these categories, determine budgets, and perform elements of cost-benefit analyses. We focus in particular on mental accounting within the...